As a leading Non-QM lender, we offer a P&L Only Loan program, designed for self-employed borrowers who may not qualify through traditional methods. This program uses a 12-month Profit and Loss (P&L) statement for income documentation, eliminating the need for bank statements to support net income.
The P&L Only Loan allows up to 80% loan-to-value (LTV) for purchases, rate-and-term refinances, and cash-out. For LTVs under 80%, 100% of the down payment can be gifted. With loan amounts up to $3.5 million and a minimum FICO score of 660, this program offers flexibility for a wide range of borrowers.
Key requirements include a 12-month P&L statement prepared by a CPA, EA, CTEC, or tax attorney, along with a CPA letter and verification of the tax preparer’s license. Borrower business documents may also be required.
This alternative income documentation program is ideal for self-employed clients, offering a unique solution for business purpose loans without the limitations of traditional mortgage products.
